Aevo secured investment from Binance Labs, causing its price to surge by over ten percent in 24 hours.
A high-performance Layer 2 decentralized exchange called Aevo was the recipient of an investment from Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, Binance, which announced the investment on Tuesday.
As a result, the price of AEVO has increased by more than 10% in the past 24 hours, with a significant increase in both price and trade volumes occurring after the announcement.
Binance Labs Reveals Investment in Crypto Derivatives DEX Aevo
On May 21, Binance Labs announced on its official blog that it had made an investment in the Layer 2 DEX, which is a decentralized exchange (DEX) for cryptocurrency derivatives that is based on the OP Stack.
A single-margin account provides perpetual trading, pre-launch futures, and option investment opportunities. The layer 2 settles on-chain on Ethereum, using Celestia as a high-throughput DA layer for scalability.
Prominent firms in the cryptocurrency industry, such as Paradigm, Dragonfly, Pantera Capital, and Coinbase Ventures, have rebranded Ribbon Finance as Aevo and support it.
To increase the number of users and the amount of liquidity available on the platform, DAO committees will implement initiatives for rewards, token liquidity, and community expansion.
Additionally, the layer 2 DEX intends to develop vault methods, yield products, and Aevo staking in the near future. It will also make it possible to create permissionless decentralized applications on Aevo L2 so that they can take advantage of its expanding user base and distinctive characteristics.
“The Layer 2 DEX has done more than $80 billion in derivatives volume and generated over $30 million in fees, with an average of around 50,000 monthly active users (MAU) on the platform,” stated Binance Labs.
“The Layer 2 DEX has also generated over $30 million in fees.”Traders responded immediately to the statement, leading to a ten percent increase in the price of Aevo over the previous 24 hours.
Aevo Price Jumps 10%
At the moment, the price is trading at $0.897, reaching a low of $0.8203 and a high of $0.935 over the course of the past 24 hours. A further indication of an increase in interest among traders is the fact that trading volume has surged by a factor of 150 percent in the past 24 hours.
With an additional increase in trading in the most recent hour, the total open interest in it’s futures has increased by more than seven percent over the past four hours.
On the cryptocurrency platform Binance, the order volume for Aevo futures increased by roughly 14% in the past four hours. Given the nearly equal distribution of traders on both the buy and sell sides of the market, a pullback is likely to occur.
On the other hand, the Aevo token unlock event has come to an end, and it is possible that whales will purchase it once more. As a result, AEVO’s price will continue to rise.